Friday: 30th June 2017
Each Market In Focus
The Australian market looks set to open more than one per cent lower, after Wall Street fell sharply with the Nasdaq dropping nearly 1.5 per cent.
At 7.00 AEST on Friday, the share price futures index was down 67 points, or 1.15 per cent, at 5,710.
Locally, no major economic news is expected on Friday.
In equities news, networked audio technology company Audinate is slated to list on ASX.
Meanwhile, Metcash chief executive Ian Morrice is slated to speak at a Trans-Tasman Business Circle event in Sydney about building successful independent retailers.
The Australian market on Thursday rose, boosted by strong gains by the banks, miners and energy companies.
The benchmark S&P/ASX 200 index rose 62.4 points, or 1.08 per cent, to 5,818.1 points.
The broader All Ordinaries index lifted 59.8 points, or 1.03 per cent, to 5,855.9 points.
60 Day High. This is a list of codes that made a new 60 day High in the past 2 days. We use the 60 day high as this would infer that a breakout in price has occurred after a period of consolidation OR the stock is moving up each day if the code shows repeatedly. ( source MetaStock )
60 Day Low. This is a list of codes that made a new 60 day LOW in the past 2 days. We use the 60 day low as this would infer that a breakdown in price has occurred after a period of consolidation OR the stock is declining each day if the code shows repeatedly. ( source Metastock)
Scans Powered by Metastock. Click here for more information
- Wall Street has fallen sharply, with the S&P 500 and the Dow industrials suffering their worst daily percentage drops in about six weeks, as a recent decline in technology shares deepened and outweighed strength in bank shares.
- The technology sector, which has led the S&P 500’s 8-per cent gain for the year, dropped 1.8 per cent, and were the worst-performing major group. Declines in big tech stocks, including Apple and Microsoft, weighed the most on the benchmark S&P.
- Financials and energy were the only sectors in positive territory as investors may have been rotating into groups that have lagged this year.
- The Dow Jones Industrial Average fell 0.78 per cent to 21,287.03,
- The S&P 500 lost 0.86 per cent to 2419.7
- The Nasdaq Composite dropped or 1.44 per cent to 6144.35.
- The CBOE Volatility index, the widely followed barometer of expected near-term stock market volatility, rose to a six-week high of 15.16, before paring some of the move.
- Gold prices slipped intraday as investors favored riskier assets amid signs of economic confidence from central bankers around the world.
- Gold for August delivery fell 0.3% to $1,245.40 a troy ounce on the Comex division of the New York Mercantile Exchange, on track to close at a one-week low.
Copper, meanwhile, benefited from the positive economic sentiment, as futures for September delivery gained 1.2% to $2.7085 a pound, trading at the highest level since March 1.
- IRON ORE: $63.03 +1.25 ( July contract )
- Oil futures continued their climb higher for a sixth straight session as last week’s drop in U.S. production stoked hopes that the slide in prices since May is starting to take a toll on the country’s shale output.
- U.S. crude futures rose 19 cents, or 0.42%, to $44.93 a barrel on the New York Mercantile Exchange.
- Brent crude, the global oil benchmark, rose 11 cents, or 0.23% to $47.42 a barrel on London’s ICE Futures exchange.
- Oil prices have had their longest streak of gains since April. But oil is still in a bear market, and observers said the rally may be running out of steam-U.S. crude futures rose as high as $45.45 a barrel during trading Thursday but pared gains as investors took profits.
- The U.S. dollar fell to its lowest level since October intraday, as expectations that several major central banks around the world are getting set to tighten monetary policy lifted other currencies.
- The ICE Dollar Index, which measures the U.S. currency against a basket of six others, fell to 95.68 earlier in the session, its lowest level since Oct. 3.
- The measure was recently down 0.2% at 95.79.
The Australian dollar has continued to climber against its US counterpart, which has fallen for a second straight day, thanks to the rebounding iron ore price.
At 7.00 a.m. AEST on Friday, the Australian dollar was worth 76.80 US cents, up from 76.64 US cents on Thursday.
The local currency has barely moved against the yen and is down marginally against the euro.
- European shares logged their biggest one-day loss in nine months on Thursday as interest rate-sensitive sectors were hit by a rising hawkish chorus from central banks globally.
- The pan-European STOXX 600 index ended 1.3 per cent lower, extending falls just before the US market open, while European blue chips fell 1.8 per cent.
- Germany’s DAX lost 1.8 per cent to close at 12,416.19. Signals that central bankers are becoming more hawkish sent bond yields rising, which weighed on defensive, dividend-paying sectors including Europe’s personal and household goods sector , health care and food and beverages, which were all down 2 per cent or more.
- On Tuesday European Central Bank President Mario Draghi indicated that the central bank could begin to tighten monetary policy, though sources said on Wednesday that Draghi had been overinterpreted by markets.
- Likewise, Bank of England Governor Mark Carney on Wednesday said a rise in British interest rates is likely to be needed as the economy comes closer to running at full capacity.
- Robust bank and mining stocks helped Britain’s FTSE 100 index outpace European peers on Thursday.
- Britain’s main share index ended 0.5 per cent lower, at 7,350.32, having spent much of the session in positive territory.
- British banks, a sector which would benefit from higher rates, jumped 2.7 percent to a four-month high after the US regulator approved higher dividends and buybacks, sending a ripple effect across financial stocks worldwide.
Asian stocks rose on Thursday after the Federal Reserve approved plans from the 34 largest US banks to use extra capital for stock buy backs and dividends.
Japan’s Nikkei adding 0.45 per cent to 20,220.30 and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8 per cent to its highest since May 2015.
Hong Kong’s Hang Seng lifted 1.10 per cent to 25,965.42.
China stocks rose, driven by strong gains in raw material shares as a weaker US dollar lifted commodities prices.
Sentiment was also boosted by easing fears of a quarter-end liquidity crunch in the banking system, as well as a rise in the yuan, which assuaged concerns about capital outflows.
The blue-chip CSI300 index rose 0.6 per cent, to 3,668.83 points, while the Shanghai Composite Index gained 0.5 per cent to 3,188.06 points.
The S&P/NZX 50 Index gained 0.8 per cent to 7685.45.
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